There are many reasons to get home insurance in Calgary. First of all, you want to make sure your home, cottage, or rental is covered for damage, theft, and flooding. Second, you want to know if you are overpaying for home insurance, and if you are, you want to know if you have access to an affordable insurance company. We can help you connect with a live insurance broker who will give you the information you need to secure your home in Calgary. You can also request a quote from at least 10 Canadian home insurance companies, so you can compare rates.
Typical home insurance premiums
Home protection rates vary for rental and owned properties. Home renters insurance covers the basic contents of the home and some liability (you may need a separate policy for fine art, wine and fur sets, and other expensive and atypical items). Renters insurance is often cheaper than homeowners insurance.
Homeowners insurance covers the building and its exterior, as well as risks associated with theft, fire, earthquake, etc. Because the value of the building is much higher than the contents of the rental unit, the premiums for homeowners insurance are much higher than the premiums for renters insurance.
In order to get a broader picture of home insurance rates in Canada, here are statistics on average home prices in Alberta, Ontario, British Columbia, and Canada. These statistics are provided by InsurEye.
In Alberta, monthly home insurance rates are typically $84 for homeowners and $49 for renters.
In Ontario, monthly home insurance rates are typically $78 for homeowners and $42 for renters.
In British Columbia, monthly home protection rates are typically $85 for homeowners and $47 for renters.
Across Canada, monthly home insurance rates are typically $77 for homeowners and $41 for renters.
Examples of home insurance rates in Calgary
Home insurance rates in Calgary depend on the size of the building, its location, and potential risks (such as flooding). The following examples of home insurance quotes will help you better understand how much home insurance can cost you:
For a 2,800-square-foot, two-story home in Calgary, in the Altador neighborhood near River Park, expect about $98 per month ($1,176 per year).
For a two-bedroom, 850-square-foot condominium on the 12th floor in downtown Calgary, adjacent to Central Memorial Park, insurance costs are approximately $23/month ($276 annually).
For a single-story home in Calgary, in the Mount Pleasant neighborhood, near 4th St NW and the Trans-Canada Highway, insurance is about $62 per month ($744 per year).
Flood coverage for homes in Calgary
Since Calgary often sees floods, every homeowner should be prepared for the possibility of this hazard and should understand the key aspects of home and flood protection. One thing you should keep in mind is that home protection in flood-threatened areas of the city is more expensive due to the higher risks.
There are four main types of floods. It is important to remember that your home insurance policy handles both differently:
1. wild flood It occurs as a result of water (rain or melting snow) entering your home from the outside. Standard Calgary insurance does not cover wildland flood expenses. However, some companies provide coverage for this type of flood at an additional cost.
2. roof leakage It may or may not be covered, depending on the factors that caused it. If the roof is in poor condition from the start, your insurance provider will not cover the damage. Your home insurance will most likely cover damage from a natural cause, such as hail.
3. Your insurance company will cover it plumbing issuesonly if you comply with the rules in your policy, such as inviting someone to visit your home while you are not there for long periods of time (for example, while you are on vacation).
4. sanitation support It occurs when wastewater returns to your home. Conventional home protection does not cover this type of flood. However, you can always purchase this type of coverage as an addition to your home insurance policy.
The difference between housing and renters insurance in Calgary
Apartment owners can purchase homeowners insurance for their apartments. A condominium company buys commercial apartment insurance. The difference between these two policies lies in what part of the apartment they cover. Homeowners insurance covers the contents of the apartment. Coverage also includes protection for upgrades, locker contents, third party liability, theft, additional living expenses, and sometimes private insurance assessments.
The company’s commercial building insurance covers the building’s exterior (encasing), along with its infrastructure and common areas.
Residential renters in Calgary need renters insurance to cover the contents of their apartments. This type of protection is usually mandatory and is part of the lease agreement. In addition to covering contents against theft, fire, and other risks, the insurance also extends to third party liability and additional living expenses. Living expenses are for cases where the apartment is uninhabitable (due to earthquake, flood, fire, etc.), so the tenant is forced to live in a hotel or rental unit until the apartment repairs are completed.
10 ways to save on home insurance in Calgary
Here are some ways to save on your home coverage. For even more savings, get an insurance quote and contact an insurance expert.
1. Professional Membership. Members of trade unions or professional organizations can get a discount on their home insurance. Insurance companies, such as Meloche Monnex Insurance, provide their members with insurance policies.
2. faucet or fire station. If your home is close to one of these things, you can request a discount from your insurance provider.
3. Discounts for students. Some insurance providers offer student discounts. For dependent students who live alone, their parents’ home insurance may cover their apartment insurance at no additional charge. For example, Desjardins Insurance offers this discount.
4. Discounts for graduates. TD Insurance is an example of an insurance company that offers discounts to graduates from post-secondary institutions such as McGill University or the University of Toronto.
5. Quit Smoking. Many insurance companies increase home protection premiums for smokers due to potential fire risks.
6. Change your policy. Those with renter’s insurance should rethink the size of their coverage – some things that aren’t much value probably don’t need additional coverage.
7. Your home security. Does your home have extra protection, such as a doorman or security guard? This may give you a discount from your insurance provider.
8. Direct insurance. Also known as a captive agent, a direct insurer represents one company and can offer their products at a cheaper rate compared to insurance agents or brokers.
9. Consumer reviews. Other home insurance consumers often share their experiences buying insurance and filing claims. Thanks to these ideas, you will be able to avoid unexpected costs and overpayments.
10. Compare prices. You can get a quote for home insurance in Calgary at a cheaper rate thanks to price comparison tools that show you the rates for the same services offered by different insurance companies.